7. Globalization “The process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture”

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7. Globalization “The process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture” (Wiki) Characteristics of globalization: Losers and winners (?) Crises and integration Openness and trade FDI / Offshoring and Outsourcing Technology and migration flows

7. Globalization Characteristics of globalization (continued): Losers and winners (?) - Positive: economic growth, higher incomes, new jobs - Negative (?): (sharp) inequality, might do harm to rising industries, environment, cultural decay of man Economics is not a zero-sum game! Crises and integration Now much more integrated but... How much room still left?

7. Globalization Source: TK, cited in Ghemanwat “World 3.0”.

7. Globalization Openness and trade - Exports and imports rose - Developing countries experienced a recent surge Openness and economic growth Smaller countries more dependent Trade barriers down

7. Globalization

7. Globalization Average tariffs through time Source: Busse, HWWA-Discussion paper 1216, 2001

7. Globalization FDI When a firm invest in a foreign country (MNEs) Greenfield (new) or acquisition/merger (ongoing) Sustained growth of FDI from the 1990s and on Especially in developing countries Changing nature of trade (lower wages) Growing importance of Asia / China To circumvent trade barriers To be closer to major customers

7. Globalization FDI Worldwide Data source: UNCTAD 10

7. Globalization Offshoring and Outsourcing Offshoring: relocation of activities abroad; outsourcing: externalization of activities to a third party provider From less complex (manufacturing) to knowledge-intensive activities (product development) Unexploited pools of talents (India and China) Internet Both practices have been growing in recent times Manufacturing sector more prominent Materials (production) offshoring more important Employment effects are negligible (short and long run) Productivity effects are possible (short and long run)

7. Globalization

7. Globalization

7. Globalization Technology and migration flows Transport and communication costs significantly reduced People more mobile nowadays People more skillful today (education, experience, languages, internet, etc.) Are countries stricter regarding immigration laws? Whole families more likely to move and adapt (expats) Mobility still influenced by deeply rooted cultural factors

7. Globalization Transport and telecommunication Source: Busse, HWWA-Discussion paper 1216, 2001

7. Globalization Source: WEO, 05/1997